
Last update at 2026-06-03T20:00:00Z
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Radware Ltd. (RDWR): A Bull Case Theory
Tue 13 May 25, 02:51 PMRadware First Quarter 2025 Earnings: EPS: US$0.10 (vs US$0.029 loss in 1Q 2024)
Tue 13 May 25, 12:26 PMRadware Ltd (RDWR) Q1 2025 Earnings Call Highlights: Strong Growth and Strategic Expansions
Thu 08 May 25, 07:10 AMRadware (RDWR) Beats Q1 Earnings and Revenue Estimates
Wed 07 May 25, 11:15 AMAfter Strong Quarter, Radware Announces U.S. Expansion
Wed 07 May 25, 10:15 AMRadware Reports First Quarter 2025 Financial Results
Wed 07 May 25, 10:00 AMRadware (NASDAQ:RDWR) shareholders have earned a 39% return over the last year
Sat 03 May 25, 12:10 PMRadware Launches New Cloud Security Service Centers in India and Kenya
Fri 02 May 25, 10:00 AMRadware Lands Largest Cloud Security Services Agreement to Date
Thu 01 May 25, 10:00 AMIs Radware Ltd. (RDWR) The Best Performing Cybersecurity Stock So Far in 2025?
Wed 30 Apr 25, 01:52 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 4.71M | 22.63M | 13.96M | 25.71M | 14.80M |
| Minority interest | - | - | - | - | - |
| Net income | -0.16600M | 7.81M | 9.64M | 22.57M | 11.73M |
| Selling general administrative | 29.79M | 21.89M | 18.92M | 18.58M | 16.14M |
| Selling and marketing expenses | 126.53M | 119.84M | 113.02M | 109.56M | 111.39M |
| Gross profit | 239.54M | 234.05M | 204.94M | 206.90M | 192.73M |
| Reconciled depreciation | 11.69M | 10.20M | 10.56M | 11.28M | 9.78M |
| Ebit | -3.33900M | 18.23M | 6.17M | 16.92M | 7.52M |
| Ebitda | 8.35M | 28.42M | 16.73M | 28.20M | 17.31M |
| Depreciation and amortization | 11.69M | 10.20M | 10.56M | 11.28M | 9.78M |
| Non operating income net other | - | - | - | - | - |
| Operating income | -3.33900M | 18.23M | 6.17M | 16.92M | 7.52M |
| Other operating expenses | 296.76M | 268.27M | 243.86M | 235.16M | 226.88M |
| Interest expense | 8.05M | 4.41M | 7.80M | 8.79M | 7.47M |
| Tax provision | 4.88M | 14.82M | 4.33M | 3.14M | 3.06M |
| Interest income | 6.89M | 5.99M | 7.80M | 7.02M | 5.28M |
| Net interest income | 8.05M | 4.41M | 7.80M | 7.43M | 5.17M |
| Extraordinary items | - | - | - | - | -0.69600M |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 4.88M | 14.82M | 4.33M | 3.14M | 3.06M |
| Total revenue | 293.43M | 286.50M | 250.03M | 252.07M | 234.40M |
| Total operating expenses | 242.88M | 215.82M | 198.78M | 189.98M | 185.21M |
| Cost of revenue | 53.88M | 52.45M | 45.08M | 45.17M | 41.67M |
| Total other income expense net | 8.05M | 4.41M | 7.80M | 8.79M | -0.19600M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | -0.16600M | 7.81M | 9.64M | 22.57M | 11.73M |
| Net income applicable to common shares | -0.16600M | 7.81M | 9.64M | 22.57M | 11.73M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 571.92M | 647.40M | 634.87M | 623.44M | 595.66M |
| Intangible assets | 15.72M | 19.69M | 10.73M | 12.59M | 14.48M |
| Earning assets | - | - | - | - | - |
| Other current assets | 9.53M | 7.20M | 8.05M | 6.53M | 7.47M |
| Total liab | 248.64M | 278.96M | 264.87M | 234.98M | 200.33M |
| Total stockholder equity | 284.09M | 332.16M | 369.99M | 388.46M | 395.33M |
| Deferred long term liab | - | 25.52M | 23.94M | 20.87M | 15.60M |
| Other current liab | 41.02M | 45.44M | 56.56M | 41.95M | 34.69M |
| Common stock | 0.74M | 0.73M | 0.73M | 0.72M | 0.71M |
| Capital stock | 0.74M | 0.73M | 0.73M | 0.72M | 0.71M |
| Retained earnings | 119.81M | 141.40M | 141.57M | 133.76M | 124.12M |
| Other liab | - | 91.65M | 77.13M | 66.21M | 60.41M |
| Good will | 68.01M | 68.01M | 41.14M | 41.14M | 41.14M |
| Other assets | - | 41.27M | 39.79M | 30.22M | 24.40M |
| Cash | 70.54M | 46.19M | 92.51M | 54.77M | 40.75M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 155.01M | 166.44M | 165.38M | 143.93M | 126.00M |
| Current deferred revenue | 105.01M | 108.24M | 99.92M | 92.13M | 79.24M |
| Net debt | -49.83400M | -22.03900M | -65.06300M | -24.69600M | -21.64400M |
| Short term debt | 4.68M | 4.68M | 5.09M | 5.22M | 5.19M |
| Short long term debt | - | - | - | - | - |
| Short long term debt total | 20.70M | 24.15M | 27.45M | 30.07M | 19.11M |
| Other stockholder equity | 163.46M | 194.87M | 228.15M | 252.47M | 269.36M |
| Property plant equipment | - | 44.15M | 45.07M | 50.80M | 41.12M |
| Total current assets | 375.93M | 335.87M | 320.20M | 347.98M | 222.53M |
| Long term investments | 35.30M | 133.91M | 177.93M | 138.26M | 249.79M |
| Net tangible assets | - | 244.47M | 318.12M | 334.73M | 339.71M |
| Short term investments | 260.05M | 251.86M | 195.38M | 255.72M | 137.20M |
| Net receivables | 20.27M | 26.40M | 20.73M | 23.55M | 30.64M |
| Long term debt | - | - | - | - | - |
| Inventory | 15.54M | 11.43M | 11.58M | 13.94M | 13.94M |
| Accounts payable | 4.30M | 8.07M | 3.81M | 4.62M | 6.88M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | 0.08M | -4.84400M | -0.45500M | 1.52M | 1.15M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | 0.72M | 0.71M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | -145.22600M |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 24.41M | 45.78M | 37.33M | 30.22M | 24.29M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 195.99M | 311.54M | 314.66M | 275.46M | 373.12M |
| Capital lease obligations | 20.70M | 24.15M | 27.45M | 30.07M | 19.11M |
| Long term debt total | - | - | - | - | - |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -56.01800M | 13.40M | -5.58700M | -50.79300M | -85.50300M |
| Change to liabilities | 13.64M | 13.75M | 14.70M | 2.50M | 11.25M |
| Total cashflows from investing activities | -56.01800M | 7.85M | -14.36800M | -50.79300M | -85.50300M |
| Net borrowings | - | - | - | - | - |
| Total cash from financing activities | -22.45800M | -41.88100M | -33.42300M | -6.51100M | 16.22M |
| Change to operating activities | -18.24200M | 5.49M | 7.58M | -0.81900M | 5.78M |
| Net income | -0.16600M | 7.81M | 9.64M | 22.57M | 11.73M |
| Change in cash | -46.32800M | 37.74M | 14.02M | -4.45200M | -20.03400M |
| Begin period cash flow | 92.51M | 54.77M | 40.75M | 45.20M | 65.24M |
| End period cash flow | 46.19M | 92.51M | 54.77M | 40.75M | 45.20M |
| Total cash from operating activities | 32.15M | 71.77M | 61.81M | 52.85M | 49.25M |
| Issuance of capital stock | 35.00M | - | - | - | - |
| Depreciation | 11.69M | 10.20M | 10.56M | 11.28M | 9.78M |
| Other cashflows from investing activities | 0.04M | 0.05M | -0.11000M | 0.00400M | 0.04M |
| Dividends paid | - | - | - | - | - |
| Change to inventory | 0.15M | 2.35M | 0.00500M | 4.46M | 0.37M |
| Change to account receivables | -4.56100M | 9.90M | 5.76M | -2.40700M | -1.16900M |
| Sale purchase of stock | -59.49200M | -52.47100M | -45.32600M | -24.51000M | -4.27400M |
| Other cashflows from financing activities | 37.03M | 10.59M | 11.90M | 18.00M | 20.49M |
| Change to netincome | 29.63M | 22.28M | 15.63M | 15.27M | 11.51M |
| Capital expenditures | 8.81M | 5.60M | 8.67M | 8.15M | 8.87M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | -6.52800M | 31.49M | 25.99M | 3.73M | 16.23M |
| Stock based compensation | 27.35M | 17.57M | 16.55M | 13.06M | 12.50M |
| Other non cash items | 1.78M | 2.42M | -1.84800M | 1.59M | -2.39100M |
| Free cash flow | 23.33M | 66.17M | 53.14M | 44.70M | 40.38M |
Sector: Technology Industry: Software - Infrastructure
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| RDWR Radware Ltd |
-1.78 5.64% | 29.77 | - | 29.15 | 2.66 | 2.44 | 1.47 | -19.7673 |
| MSFT Microsoft Corporation |
-13.97 3.17% | 427.34 | 37.32 | 29.94 | 13.03 | 12.45 | 13.06 | 24.59 |
| ORCL Oracle Corporation |
-14.25 5.83% | 230.33 | 29.34 | 18.66 | 5.55 | 74.06 | 7.10 | 18.13 |
| CRWD Crowdstrike Holdings Inc |
-21.34 2.78% | 747.61 | - | 89.29 | 23.70 | 24.81 | 21.91 | 577.82 |
| PANW Palo Alto Networks Inc |
-16.75 5.64% | 280.43 | 44.57 | 45.05 | 11.98 | 20.70 | 11.82 | 77.11 |
Radware Ltd., together with its subsidiaries, develops, manufactures, and markets cyber security and application delivery solutions for cloud, on-premises, and software defined data centers worldwide. The company operates in two segments, Radware's Core Business and The Hawks' Business. It offers DefensePro provides automated DDoS protection; Radware Kubernetes, a web application firewall solution; and Cyber Controller, a unified solution for management, configuration, and attack lifecycle. The company also provides Alteon, an application delivery and security solution that manages application traffic across cloud and data center locations for optimizing availability and performance; and LinkProof NG, a multi-homing and enterprise gateway solution. In addition, it offers ERT Security Updates Subscription that provides protection from network elements, hosts, and applications; ERT Active Attackers Feed, a threat intelligence feed to protect against DDoS threats; ERT Protection Packages; Alteon Global Elastic License, a purchasing and deployment subscription; MSSP Portal, a DDoS detection and mitigation service portal; Location-based Mitigation that enables network traffic based on the geolocation mapping of IP subnets; and Cloud DDoS Protection Service, which offers a range of enterprise-grade DDoS protection services in the cloud. Further, the company provides Cloud Web DDoS Protection, Cloud WAF Service, Bot Manager, Cloud-Native Protector, and Cloud Application Protection Services, as well as technical support, professional, managed, and training and certification services. It sells its products primarily to independent distributors, including value added resellers, original equipment manufacturers, and system integrators. The company was founded in 1996 and is headquartered in Tel Aviv, Israel.
22 Raoul Wallenberg Street, Tel Aviv, Israel, 6971917
| Name | Title | Year Born |
|---|---|---|
| Mr. Roy Zisapel | Co-Founder, CEO, Pres & Director | 1971 |
| Mr. Gabi Malka | Chief Operating Officer | 1976 |
| Mr. David Aviv | CTO & VP of Advanced Services | 1956 |
| Mr. Yoav Gazelle | Chief Bus. Officer | 1970 |
| Mr. Yehuda Zisapel DHC, EE, MBA, MSc | Co-Founder & Chairman | 1942 |
| Mr. Guy Avidan | Chief Financial Officer | 1962 |
| Anat Earon-Heilborn | VP of Investor Relations | NA |
| Mr. Gadi Meroz | VP & Gen. Counsel | 1969 |
| Ms. Sharon Trachtman | Acting Chief Marketing Officer & Chief Bus. Operation Officer | 1966 |
| Ms. Riki Goldreich | Chief People Officer | NA |
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